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Bill Richardson on Budget & Economy
Democratic Governor (NM); Secretary of Commerce-Designee
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Hiring freeze & 7% budget cut in state agencies
Like our citizens, this administration has tightened its belt since this recession began:- I implemented a hiring and salary freeze, and we currently have 3000 vacancies.
- I eliminated positions and cut salaries of exempt state employees--those
appointed by me--by 2%. Now 110 exempt positions are vacant.
- I ordered five furlough days for about 17,000 employees.
- I froze $150 million in stalled capital outlay projects--and I urge this body to eliminate those projects.
- And we have cut stat
agency budgets by 7% on average.
None of these measures were popular, but all were necessary. My budget plan for the next fiscal year reduces spending by $510 million:- Make permanent the $210 million in cuts we made during the special session.
- Reduce costs by another $158 million--by cutting spending across state government.
- Eliminate stalled capital outlay projects and end the practice of double dipping.
- Streamline and merge government functions, saving at least $25 million.
Source: New Mexico 2010 State of the State Address
, Jan 19, 2010
Balanced 5 state budgets; priority to balance federal budget
Q: Would it be a priority of your administration to balance the federal budget every year? A: Well, as a governor, I have to, by law, balance budgets. I’ve balanced five. And it would be a major priority of mine. And this is what I would do as
president. I would advocate for line-item veto authority for the president, a constitutional amendment to balance the budget. But most importantly, I believe balancing the budget should be viewed as an opportunity to have economic growth in this country.
Source: 2007 Des Moines Register Democratic debate
, Dec 13, 2007
Supports restricted Constitutional balanced budget amendment
When we talk about balancing the budget -- I’d advocate a constitutional amendment. Obviously, you can’t do it in the time of war or recession. You can’t do it in the time of an emergency. I would exclude Social Security.But I think what is critically
important is that when we talk about our most urgent national priority: we’ve spent $500 billion in this war. And these are funds that could go to our domestic priorities--to health care, to kids, to education, & to improving our schools.
Source: 2007 Des Moines Register Democratic debate
, Dec 13, 2007
Save $150 billion in tax cuts for people who don’t need them
I detailed $57 Billion in military reductions which involve missile systems, procurement reform. We’ve got to recognize that the Iraq war has drained our military. We need a couple of more divisions in the army, in the marines. The VA system needs
funding. Our veterans coming back are not properly being taken care of. We need to recruit and retain to keep the volunteer army going and improve our readiness and equipment, so there are some military priorities that the next president has to address.
Source: 2007 Des Moines Register Democratic Debate
, Dec 13, 2007
Balanced Budget Amendment to address $9 trillion debt
Q: What should be done to restore global confidence in the dollar and how would those measures affect people of color in the US? A: America has lost its economic leadership. We have a $9 trillion dollar debt. We’ve got a weakening dollar. We’ve got
jobs going overseas. These are the steps that I would take as president. What is going to be key is fiscal discipline. I am for a constitutional amendment to balance the budget within a 5-6 year period. We have to balance that budget. This debt is to
commercial banks, to China, to India. I’m for a line item veto. We need investments also in science and technology. Give a tax incentive for increasing the prevailing wage. Invest in education, invest in kids and science and technology. It’s a
competitiveness issue. This is the kind of investment we need to make. Fiscal discipline, number two science and technology, invest in the new industries of the future and third invest in education. That’s how America will regain its economic leadership.
Source: 2007 Iowa Brown & Black Presidential Forum
, Dec 1, 2007
Constitutionally require balanced budget & fiscal discipline
I am the only candidate here that has said, I’m for a constitutional amendment to balance the budget. You have to have fiscal discipline. You’ve got to also grow the economy. You have to have universal pensions. If we balance the budget, restore our
fiscal house, there will be economic growth. If we invest in education and have a stronger workforce, if we incentivize and have a pro-growth economy, where we say we’re going to make America green, renewable energy, we’re going to bring new jobs.
Source: 2007 Democratic primary debate at Dartmouth College
, Sep 6, 2007
Mortgage industry needs more liquidity & more transparency
Q: The Fed lowered the discount rate for banks to address the mortgage crisis. Should they lower rates for everyone else? A: This is the Katrina of the mortgage-lending industry. The answer is yes, there has to be more liquidity, more funds in the
market. What we need is more transparency. And what we also need to do is to not appoint officials that are in the industry to regulate that specific industry. The mortgage industry, a lot of them have become a bunch of loan sharks.
Source: 2007 Democratic primary debate on “This Week”
, Aug 19, 2007
Grow the trade link to Mexico and attract Hollywood business
We have brought a new vitality to trade and cultural contacts across the New Mexico - Chihuahua border. I met personally 12 times with Mexican officials - including three meetings with President Vicente Fox - to help grow this vital trade link.
We have the most competitive set of incentives in the country, and we created an on-the-job training fund to encourage film producers to hire and train New Mexicans. That, in turn, will build our available pool of trained movie industry workers.
Source: 2004 State of the State speech to the New Mexico Legislature
, Jan 20, 2004
Supports Balanced Budget Amendment
Q: Do you support amending the US Constitution to require an annual balanced federal budget? A: Yes.
Source: 1996 Congressional National Political Awareness Test
, Nov 1, 1996
Page last updated: Jan 13, 2017